Procter & Gamble CFO: It Was A Quarter With Both Rewards And Challenges

Procter & Gamble Co PG came out with disappointing fourth-quarter results on the back of currency fluctuations. Following the results, CFO Jon Moeller was on CNBC to discuss the company’s results and the currency challenges it faces.

“It was a quarter with both rewards and challenges, Moeller said. “We grew constant currency organic sales, we grew constant currency core EPS. We returned $4 billion of cash to shareholders, we tightened our strategy by divesting some businesses and we increased our productivity cost profile now with 18 percent cumulative overhead reduction, but there were definitely challenges and FX was the prime one virtually every currency, about 14 points on the quarter.

He continued, “Now, we were able to accelerate and increase some savings to offset part of that, but we continue to invest as well in our business, our brands, products, capabilities and people because it’s the right thing to do for the long-term and so we did on terms of all in earnings we were below year ago, from a fiscal year standpoint we are holding our organic sales guidance, we're holding our constant currency, earnings per share guidance, we are holding our commitment to return $12 to $14 billion of cash to shareholders, but we are reducing our all in guidance range to a range of flat to down single digits versus a year ago.”